Legal agreement is the most basic requirement for any business – Mahajan

Aurangabad, Feb 4:

Legal agreements are very important in any business, and a well-drafted agreement can avoid unnecessary business disputes, said Siddharth Mahajan, senior legal adviser and director, Athena Legal.

He was speaking at the Tata Technologies Magic Innovation Hub (TMIH) seminar on 'Legal Agreement Process' organized by Marathwada Accelerator for Growth and Incubator Council (MAGIC), Tata Technologies, Guru Gobind Singhji College of Engineering and Technology and European Business Technology Center (EBT).

Speaking further Mahajan said while setting up a company under Indian law, one should decide on LLP, private limited partnership firm or proprietorship firm keeping in view the objectives. When you set up a company you need to comply with the compliance with MSME laws, pay taxes, annual reports, licenses and technical matters. He informed about the legal agreements such as business partnership agreement, employee agreement, service agreement, distributor and supply agreement, investment agreement stating that one can determine the rights and obligations of the business by following the rules. He said that these legal agreements are very useful in raising business capital for startups.

Speaking on the occasion, Ashish Garde, director, Magic, said, “TMIH seminars have been organized to promote the startup corridor. These seminars will benefit the entrepreneurs coming out of the student body. He said that efforts are being made by Magic to develop startup ecosystems in tier 2-3 cities in India.

Next seminar on Feb 17

A research workshop on 'Discover Europe - Internationalization of Business in Europe' will be held on February 17 and 'Trademarks and Branding' on February 24. Magic has appealed to people to register at bit.ly/tmihatip to participate in the event.